(A) KRS Chapter 103 authorizes the city to issue industrial building revenue bonds in order to promote local economic development through the introduction, retention and expansion of business and industry. The city will issue industrial revenue bonds only for projects located in the city and encourages the use of local and Kentucky bond counsel, architects, engineers, contractors and the like in the development of the project.
(B) Although, pursuant to KRS Chapter 103, industrial revenue bonds do not constitute an indebtedness of the city, the merits of each application will be scrutinized as to whether any proposed project will benefit the entire community and whether other forms of financing are feasible or desirable.
(Ord. 07-2002, passed 4-16-2002)